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East China was the only region in the country that still posted a rise in rebar output by 1.1% week on week to 1.48 million tonnes over November 29-December 5, or contributing to 43.8% of the country’s total, mainly because of the remaining profitability among them, Mysteel’s latest weekly survey showed.
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The almost two-month slide in hot-rolled coil prices ended last week with China’s national average benchmark price for Q235B 3mm HRC finally climbing by Yuan 109/tonne ($15.8/t) week on week to Yuan 3,824/t including 16% VAT as of December 7, Mysteel’s database showed. Crucially too, the rally in HRC prices was mainly on the back of improving sales, market watchers said.
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Stocks of the five major carbon-steel products at the 184 steel mills nationwide surveyed weekly declined over November 29-December 5, Mysteel has found, snapping a four-week gain.
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China’s steel mills are still holding faith in rebar for profit generation, having maintaining their rebar output largely steady, unfazed by the crash in Chinese finished steel prices throughout November including rebar, market sources said on Monday.
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China’s hot-rolled coil steelmakers scaled back their production again over November 22-28 on noting the acceleration in HRC price declines both in the domestic market and exports, Mysteel’s latest weekly survey showed.
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Finished carbon steel inventories at the Chinese traders contracted further over November 22-28, refreshing the year’s low of 8.2 million tonnes, partly because of the widespread cautiousness among them in the last week of November when domestic steel price had declined for nearly the whole month of November, market sources shared on Friday.
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The most-traded rebar contract on the Shanghai Futures Exchange, that for May delivery, continued to head down this week, losing another Yuan 94/tonne ($13.5/t) or 2.8% to end the daytime session on Friday at Yuan 3,256/t. Fortunately, the decrease was some 3.9 percentage points lower than the 6.7% on-week decline recorded last Friday, though market sources warn that the price trend in the physical market for rebar will be the decisive factor determining whether rebar futures have bottomed or not.
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Production constraints mandated for steelmakers in many parts of northern China for winter have so far had little real impact on rebar output, according to the findings of Mysteel’s latest weekly rebar production survey.
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China’s national average benchmark price for Q235B 3mm hot-rolled coil slumped by another Yuan 133/tonne ($19.2) or 3% week on week to reach Yuan 3,882/t including 16% VAT as of November 23 – the lowest HRC has fallen since July 25, 2017, Mysteel’s database showed.
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Chinese production of rebars recovered slightly last week as major steelmakers in Jiangsu province including Jiangsu Shagang Group and Yonggang Group gradually resumed full production after slowing their operations while Shanghai hosted China’s first International Imports Expo (CIIE).
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China’s national average benchmark price for Q235B 3mm hot-rolled coil plunged by a further Yuan 121/tonne ($17.4/t) on week to Yuan 4,015/t including 16% VAT as of November 16. Traders had noted the weakening demand prevalent in the market and so opted to cut their offer prices dramatically, hoping to generate quick sales, market sources explained.
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Stocks of the five most-consumed carbon steel products held by Chinese steel mills – comprising rebar, wire rod, hot rolled and cold rolled coils and medium plate – continued to accumulate over the week of November 8-14, rising by 4.3% on week to 4.4 million tonnes, according to Mysteel’s latest inventory survey published on November 16.
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The most-traded rebar contract on the Shanghai Futures Exchange, that for January delivery, closed the daytime session at Yuan 3,884/tonne ($599.8/t) on November 16, representing a decline of Yuan 49/t or 1.2% compared with last Friday’s closing price. However, rebar prices in the spot market witnessed a deeper plunge this week.
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Domestic rebar production in China has come off its peak as reduced procurement from buyers has led inventories at mills to gradually swell, Mysteel’s latest weekly production survey released on November 10 has found.
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Prices of Chinese hot-rolled coil for home market sale and export continued to drop over the past week, fueling growing pessimism among steel traders as end-user buying continues to taper off, market watchers said on Monday.
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Stocks of the five most-consumed carbon steel products held by steelmakers reversed up over November 1-7 after four straight weeks of declines, even though the mills scaled back production during the period, Mysteel’s latest surveys showed on Friday.
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The most-traded rebar contract on the Shanghai Futures Exchange, that for January delivery, ended the afternoon session on November 9 at Yuan 3,933/tonne ($570/t), lower by Yuan 7/t from Thursday afternoon’s settlement price.
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Chinese rebar production remained active during the October 25-31 week but output growth slowed, according to Mysteel’s latest production survey released on November 2. Demand for bars, especially from building contractors, has gradually softened as temperatures have declined markedly in the northern half of the country.
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Prices of hot-rolled carbon steel coil across China dropped further during the October 27-November 2 week due market concerns about domestic steel demand as buying interest among end-users was thin and deals were heard to be still limited over the week, according to market watchers.
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Stocks of the five major carbon-steel products held by China’s traders and steelmakers dropped further over October 25-31 but the pace of the on-week decrease was slower, Mysteel’s latest weekly survey showed on Friday.
